The Pacific Northwest's New Stablecoin: StableUSD Added to Bittrex

A new stablecoin, StableUSD, was recently added to Bittrex.

Stably and its StableUSD is a newcomer in the world of stablecoins.

Although the competition is stiff, Qadir is confident that the coin will "Be a market leader." Even with the major competition, Stably saw that there were a lot of places to mitigate risk for users.

Stably wants to "Protect users and build trust," said Qadir.

To further reinforce that USDS is backed 1-to-1, the stablecoin company claims that it will regularly conduct third-party audits through Cohen & Co. Additionally, Stably plans to provide users with "Access to redemption through an easy to use online portal" planned to launch in the next few weeks.

The coin was also first listed on Bittrex with much of the same model as Stably.

Whether Stably can carve out a niche against these major competitors is up for speculation.

As the company grows, Stably plans to expand from an Ethereum ERC-20 token to other protocols, including Stellar and EOS. Whether Stably's thesis holds true is another matter.

The Stably stablecoin is making solid progress on the heels of successful fundraising, but the competition is fierce, and it is still possible for StableUSD to fail against its better funded and institutionally backed rivals.

CONFLICT-OF-INTEREST DISCLAIMER: Stably is a company local to Seattle, where CryptoSlate is also based.